In this week’s newsletter, read about how game developer Square Enix plans to release Final Fantasy VII’s digital collectibles. Check out Web3’s new Open Metaverse Alliance and how sales of Non-Fungible Token (NFT) will fund art restoration efforts in Ukraine.

In other news, you can learn how NFT removed a fallen man on GameStop market after community lobbying. And don’t forget this week’s Nifty News report which includes a false joke, which resulted in a loss of 100 Ether (ETH).

Square Enix partners with Enjin to release Final Fantasy VII collectibles
Game development company Square Enix has teamed up with platform NFT Enjin to release the digital and physical collectibles of the popular video game Final Fantasy VII (FF7). The digital collectibles will be linked to their physical counterparts that will be available in the Square Enix Store.

To get FF7 digital kits, fans must redeem the code on physical products on the NFT platform called Efinity Network. According to the announcement, the FF7 collection will be available on Efinity in 2023.

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Web3 platforms launch the Open Metaverse Alliance
The Open Metaverse Alliance for Web3 was created by a number of blockchain platforms including Alien Worlds, Animoca Brands, Dapper Labs, Decentraland, MetaMetaverse, Space, Superworld, Sandbox, Upland, Voxels and Wivity.

The Alliance will be a Decentralized Autonomous Organization (DAO) to ensure transparency in governance. DAO aims to set standards for NFTs, portals between worlds, and interoperability.

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Related: NFT tool to tackle ticketing dilemmas? Experts weigh

Sales of NFT will finance the restoration of physical monuments in Ukraine
The government of Ukraine will use the money from NFT sales to restore realistic artworks that were destroyed in the war with Russia. In an announcement, Ukraine’s Ministry of Culture and Information Policy said the Meta History Museum of War, a government-backed platform, has raised about $1.3 million in sales from NFT and will use the proceeds for its artwork restoration efforts.

While the NFTs won’t stop attacks from Russia, Ukrainian official Oleksandr Bornyakov said they provide an opportunity for Ukraine to rebuild its economy and develop as an innovation-friendly country.

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GameStop’s epic NFT “Falling Man” shows people’s strength at its best
The controversial NFT listing has been removed from GameStop’s NFT Marketplace after receiving pressure from the community. NFT, dubbed Falling Man, filmed a man in a spacesuit falling down. NFT is like a very famous photo from the September 11 terrorist attack on the World Trade Center with a man falling to his death.

The artwork received a huge backlash as community members lobbied GameStop to remove it from their platform. The NFT platform finally removed the NFT from its marketplace and banned the artist from minting NFTs.

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Nifty News: BAYC hodler lost 100 ETH in wrongly ‘joking’ domain sale
An NFT whale who owns several expensive NFTs, the Bored Monkey Yacht Club made a mistake while performing a joke, resulting in a loss of 100 ETH. In an effort to tease and ridicule EnsBidsBot on Twitter, an NFT whale named Franklinisbored made a bid on an Ethereum name service domain that they spontaneously listed. However, the tide turned when they forgot to remove the bid before accepting another bid of 1.9 ETH.

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Thank you for reading this summary of the week’s highlights in the NFT space. Come back next Wednesday for more reports and thoughts on this actively developing space.

Source: CoinTelegraph